Investment Real Estate topics throughout California and sometimes further! Mario Pinedo has been a Realtor since 1991 in Silicon Valley and has sold throughout California and the West. His primary investment vehicle is multi-family rental properties. Mario focuses on major markets from San Diego, Orange County, Los Angeles, San Jose, San Francisco and northern California. He currently lives in Irvine, CA.

Thursday, November 5, 2009

Wells Fargo Short Sale Department Wins My Respect!

I thought I was sunk with a short sale listing that I took just 6 days before the trustee sale date on the courthouse steps in San Jose. I had to get this done so that the owner could process a short sale instead of a foreclosure. I listed the property and got an offer in within the day. Signatures, tax returns, pre-approval letter, financial worksheet, hardship letter, listing agreement, purchase agreement, verification of funds, etc - all this took about 24 hours. I faxed the 35+ pages to Wells Fargo's short sale department last night at 6:30pm. Today at 5:45am I am sitting in my living room trying to see who I can contact to get some movement on this file - normal receipt processing time is 72 hours - not time that I have to spare with a weekend looming and a Monday trustee sale date. Luckily I found an email through a business networking site of a manager in the Wells Fargo short sale division - I shoot him an email at 7am, by 10:13am I get a reply with 3 cc'd Wells Fargo employees who are all searching for my file, 10:18am another cc email to THE guy who can stop a trustee sale and by 10:38am a personal call from that wonderful gentleman telling me the foreclosure has been postponed and assigning me a short sale negotiator! This group of people from all different parts of the country made damn sure that this property was not going to slip into foreclosure oblivion. Great job Wells Fargo!

2 comments:

Anonymous
said...

Would you mind sharing that email address? I have been trying to get a short sale approved since October and no word from Wells Fargo. All we are getting is the standard answer of "it's been sent to the investor for approval". I realize patience is a must when dealing with short sales but this has gotten crazy. Any contact info you would be willing to share would be much appreciated.Charlene - Remax

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Bay Area Commercial & Residential Invesment Real Estate Team

Mario Pinedo, CCIM - Commercial, Residential & Investment Realtor since 1991. Mario has been advising clients in the purchase of their home, rental properties, investment and commercial properties. He brings deep knowledge of what to buy, where to buy, how to buy and when to buy. Please ask him for his advice on your next real estate transaction. Mario is a real estate Broker and provides residential & commercial sales, leasing and lending services.

Mike Priolo - Commercial Landlord and Tenant Representative for Retail, Industrial and Office space throughout the San Francisco Bay Area. Mike has extensive knowledge throughout the industry with previous employment as a commercial real estate researcher, supporting a residential developer and processing commercial loans.

Hana Yang - Commercial and Residential investment knowledge having participated directly in projects in San Jose and Los Angeles. Projects include new installations of laundry business and single tenant NNN school facility.